Good News for Paytm users! UPI payments will not be stopped, got third party app license from NPCI
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Paytm Latest Update: NPCI has permitted Paytm’s dad or mum firm One97 Communications Limited as a third party utility supplier for UPI. National Payments Corporation of India has given license to Paytm for UPI payments as a Third Party Application Provider i.e. TPAP beneath the multi-bank mannequin.
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Paytm News : Before the deadline of March 15, Paytm has got a giant aid. Paytm got excellent news from NPCI. NPCI has given inexperienced sign to Paytm’s dad or mum firm One97 Communications Limited (OCL) as a third party utility supplier for UPI. National Payments Corporation of India (NPCI) has given this approval to offer UPI companies as a Third-Party Application Provider (TPAP) beneath the multi-bank mannequin. For this, 4 banks will work as Paytm’s associate banks i.e. Payment System Provider (PSP).
Relief to Paytm customers
Paytm customers will get the good thing about the inexperienced sign from NPCI. One97 Communication Limited has obtained the license of UPI as a third party utility supplier. This signifies that now Paytm customers and retailers will be capable of proceed UPI transactions from the Paytm app with none interruption. This is a giant aid information for Paytm earlier than the RBI deadline of fifteenth March. Now Paytm’s UPI service will proceed with the assistance of 4 banks.
Joined fingers with these 4 banks
Paytm has joined fingers with 4 banks to proceed the UPI service. Paytm has partnered with Axis Bank, HDFC Bank, State Bank of India, Yes Bank for third party purposes. Paytm’s UPI service will proceed with these banks. These 4 banks will work as PSP (Payment System Provider) of Paytm. According to NPCI, Yes Bank will act because the buying financial institution for present and new UPI retailers for One97 communication . @Paytm handles will be redirected to Yes Bank. NPCI has requested Paytm emigrate all its present handles and mandates to the brand new PSP banks as quickly as doable.
Let us inform you that on January 31, the Reserve Bank of India had ordered to ban many of the companies of Paytm Payment Bank. RBI’s deadline is ending on March 15. RBI had proven strictness and mentioned that if Paytm desires to proceed its UPI service then it will should hyperlink it with another financial institution. For this, Paytm has now got license from NPCI. Paytm has signed agreements with 4 banks.
NPCI grants approval to One97 Communications Limited (OCL) to take part in UPI as a Third-Party Application Provider (TPAP) beneath multi-bank mannequin.@dilipasbe
— NPCI (@NPCI_NPCI) March 14, 2024
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